In the following commentary, Lennox Scott, chairman and CEO of John L. Scott Real Estate, offers his 2017 housing forecast for the Puget Sound market.
What an exciting time in real estate! 2016 was one of the best years ever, and I predict 2017 is going to be just as incredible. Strong job growth, amazing interest rates and a shortage of inventory will continue to fuel home appreciation and sales activity. We expect to see 8 percent price appreciation in the more affordable and mid-price ranges in all market areas. We are heading into the new year virtually sold out of inventory. We’ll see huge price appreciation after the first part of the year, as well as robust sales activity.
Buying or selling a home in 2017 will require strategic planning and research. When will be the best time to sell? How can buyers win a home in such a competitive market? How will the luxury market fare? How long will the hot market last?
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